What age do you think you'll be able to retire by?

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What you can do about it

Fortunately, HSBC's report also looked at what you could so to beat this situation.

It came up with four clear, practical steps to help today’s retirement savers plan for a better financial future for themselves:

Consider all your retirement expenses - When planning for retirement, make sure to list all your possible retirement outgoings

Start saving earlier for retirement - Plan to start saving for retirement earlier, to help build a bigger fund and allow it to grow for longer

Make sure your advice is professional - Seek information from many sources, but make sure the advice you get is professional

Be prepared for financial ups and downs - When saving for retirement gets difficult, make sure to review all your finances and seek alternative ways to help you continue towards a comfortable retirement